Want to make a deal on a short sale?

When a seller is upside down on their mortgage payments, it's becoming increasingly common for the lender to agree to a short sale, whereby the lender agrees to release the mortgage for an amount less than what's due. If you have questions regarding real estate in Jacksonville, North Carolina, contact me here or e-mail me.

Purchasing a short sale in Jacksonville, North Carolina on your own is risky. Contact Choice Jacksonville Realty for expert advice.

Are short sales good deals?

Occasionally. Many people hear the phrase "short sale" and routinely think of a seller that is in financial trouble and needs to sell their home promptly to avert further financial problems. This is occasionally the case and can be an opportunity for a buyer to do well from another's misfortune. Alternatively, a lender may consider a short sale even if the seller isn't delinquent with their payments, but property values have fallen. In these cases the reduced price may in fact be in line with true market values, not below.

What's involved in buying a short sale?

  • Prior to making any purchase offers, do your research. Using a knowledgeable REALTOR® from Choice Jacksonville Realty to support your research of a property will help you make educated decisions. We can help find out to whom the property is titled, the amount owed to the lender, and whether or not a foreclosure notice has been filed. Getting this data can help you determine how much to offer.
  • Get a real estate professional with short sale expertise. Choice Jacksonville Realty can aid you in expediting the transaction and make sure you're protected. Don't permit inexperience to slow down the closing process. Let my experience and knowledge work for you.

  • Even in the best of situations and with an experienced real estate agent, buying a short sale property will usually take longer than a typical real estate transaction. Be aware that many short sales will not close in less than 30 days. Remember that you're not only having to get approval from the seller, but the lender must also agree to the sale terms. It's not uncommon that your offer will be sent to a committee to approve or disapprove, which will add time - sometimes even 2 to 3 months.
  • Home warranties, buyer credits and allowances, and closing cost concessions are normally not negotiable when working with a short sale. The lender will sell the property just the way it is which means the lender won't be paying for repairs. Make sure you reserve the right to have the property inspected for pests, HVAC, electrical, and other critical areas. At Choice Jacksonville Realty, when I write an offer, I will be looking out for your interests first and foremost and will always recommend that you make your offer contingent upon the inspection results.
When it is time to buy, whether it's a short sale or a typical home sale, Choice Jacksonville Realty is available for you. Use my experience and knowledge of real estate to feel confident you're getting a fair deal and are protected during the whole matter.